Oil now at 18 month low. Been going down even more last three weeks. But our service stations there just stuck for over three weeks at 2.29/2.31. Still screwing folks. Last time we drop this low on world market's. We had 2.01
Oil OiL Every Where
- Thread starter djv
- Start date
I would assume oil companies are anticipating what may come--you haven't seen high gas YET.
Make sure you read which breaks they are against.
Dems Take Aim at Oil Company Tax Breaks
By H. JOSEF HEBERT
Associated Press Writer
WASHINGTON (AP) -- House Democrats are targeting billions of dollars in oil company tax breaks for quick repeal next year. A broader energy proposal that would boost alternative energy sources and conservation is expected to be put off until later.
Hot-button issues such as a tax on the oil industry's windfall profits or sharp increases in automobile fuel economy probably will not gain much ground given the narrow Democratic majorities in the House and Senate.
Incoming House Speaker Nancy Pelosi, in an outline of priorities over the first 100 hours of the next Congress in January, promises to begin a move toward greater energy independence "by rolling back the multibillion dollar subsidies for Big Oil."
Yet the energy plan being assembled by Pelosi's aides for the initial round of legislation is less ambitious than her pronouncement might suggest.
For the most part, the tax benefits are ones that lawmakers talked of repealing this year when Congress struggled to respond to the public outcry over soaring summer fuel prices and oil companies' huge profits.
Topping the list for repeal are:
-Tax breaks for refinery expansion and for geological studies to help oil exploration.
-A measure passed two years ago primarily to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad.
Democrats say neither tax benefit should be needed for an industry reaping large profits at today's high crude oil prices.
Over 10 years, the production tax credit saves oil companies $5 billion and the refinery measure and exploration credit a total of about $1.4 billion, according to Congressional Budget Office estimates.
Other oil tax breaks probably will go unchallenged. That includes some passed by Congress only a year ago and others already targeted for repeal this year.
For example, House Democrats have no plans to change a provision that allows oil companies to avoid billions of dollars in taxes by the way they calculate inventories. The Senate this year agreed to a repeal; the effort was abandoned amid House GOP opposition and an uproar from other industries that also benefit from the tax language.
House Democrats also are shying away from tampering with more than $1 billion worth of oil- and gas-related tax breaks, enacted last year. These breaks largely benefit small companies or gas utilities rather than the major oil companies now awash in cash.
Nevertheless, the House and Senate are expected to push legislation early to force oil companies to renegotiate flawed offshore drilling leases that have allowed the companies to avoid paying federal royalties. The loss eventually could cost the government $10 billion, according to some congressional estimates.
Other prime targets of House and Senate Democrats include:
-Alleged price gouging. Proposals to create a federal price gouging law for gasoline and other fuels probably will move quickly.
-More incentives and mandates to expand the use of ethanol and biodiesel as a substitute for gasoline. Requiring oil companies to phase in retail pumps that deliver fuel that is 85 percent ethanol.
-Requiring power companies to produce a percentage of their electricity from renewable energy sources such as wind and solar power. Such a measure is a priority of Sen. Jeff Bingaman, D-N.M., incoming chairman of the Senate Energy and Natural Resources Committee.
-Extending energy efficiency tax credits approved by Congress last year. Most are scheduled to expire at the end of next year.
-Expanding a tax break for buyers of gas-electric hybrid cars and offering more incentives for automakers to build greater numbers of the vehicles.
Rep. John Dingell, D-Mich., who will take over as chairman of the House Energy and Commerce Committee, said he plans hearings on legislation to spur further production and distribution of ethanol and biodiesel, and promote conservation.
But he suggested it will take time to produce legislation. "The process is a long one. It takes hearings, it takes fact finding," said Dingell in a telephone interview.
On the Senate side, Bingaman probably will avoid writing a single broad energy bill, preferring to push through specific legislation. Among Bingaman's other goals are new incentives to spur renewable energy development and more tax breaks for conservation.
Last spring, Sen. Charles Schumer, D-N.Y., said if the country is to reduce its addiction to oil and high energy prices it needs a "crash program" to develop more alternative energy sources, dramatically increase conservation and examine "whether or not we should break up the big oil companies."
Next year, Schumer assumes the No. 3 leadership position among Senate Democrats and will be one of the party's top strategists.
? 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
Make sure you read which breaks they are against.
Dems Take Aim at Oil Company Tax Breaks
By H. JOSEF HEBERT
Associated Press Writer
WASHINGTON (AP) -- House Democrats are targeting billions of dollars in oil company tax breaks for quick repeal next year. A broader energy proposal that would boost alternative energy sources and conservation is expected to be put off until later.
Hot-button issues such as a tax on the oil industry's windfall profits or sharp increases in automobile fuel economy probably will not gain much ground given the narrow Democratic majorities in the House and Senate.
Incoming House Speaker Nancy Pelosi, in an outline of priorities over the first 100 hours of the next Congress in January, promises to begin a move toward greater energy independence "by rolling back the multibillion dollar subsidies for Big Oil."
Yet the energy plan being assembled by Pelosi's aides for the initial round of legislation is less ambitious than her pronouncement might suggest.
For the most part, the tax benefits are ones that lawmakers talked of repealing this year when Congress struggled to respond to the public outcry over soaring summer fuel prices and oil companies' huge profits.
Topping the list for repeal are:
-Tax breaks for refinery expansion and for geological studies to help oil exploration.
-A measure passed two years ago primarily to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad.
Democrats say neither tax benefit should be needed for an industry reaping large profits at today's high crude oil prices.
Over 10 years, the production tax credit saves oil companies $5 billion and the refinery measure and exploration credit a total of about $1.4 billion, according to Congressional Budget Office estimates.
Other oil tax breaks probably will go unchallenged. That includes some passed by Congress only a year ago and others already targeted for repeal this year.
For example, House Democrats have no plans to change a provision that allows oil companies to avoid billions of dollars in taxes by the way they calculate inventories. The Senate this year agreed to a repeal; the effort was abandoned amid House GOP opposition and an uproar from other industries that also benefit from the tax language.
House Democrats also are shying away from tampering with more than $1 billion worth of oil- and gas-related tax breaks, enacted last year. These breaks largely benefit small companies or gas utilities rather than the major oil companies now awash in cash.
Nevertheless, the House and Senate are expected to push legislation early to force oil companies to renegotiate flawed offshore drilling leases that have allowed the companies to avoid paying federal royalties. The loss eventually could cost the government $10 billion, according to some congressional estimates.
Other prime targets of House and Senate Democrats include:
-Alleged price gouging. Proposals to create a federal price gouging law for gasoline and other fuels probably will move quickly.
-More incentives and mandates to expand the use of ethanol and biodiesel as a substitute for gasoline. Requiring oil companies to phase in retail pumps that deliver fuel that is 85 percent ethanol.
-Requiring power companies to produce a percentage of their electricity from renewable energy sources such as wind and solar power. Such a measure is a priority of Sen. Jeff Bingaman, D-N.M., incoming chairman of the Senate Energy and Natural Resources Committee.
-Extending energy efficiency tax credits approved by Congress last year. Most are scheduled to expire at the end of next year.
-Expanding a tax break for buyers of gas-electric hybrid cars and offering more incentives for automakers to build greater numbers of the vehicles.
Rep. John Dingell, D-Mich., who will take over as chairman of the House Energy and Commerce Committee, said he plans hearings on legislation to spur further production and distribution of ethanol and biodiesel, and promote conservation.
But he suggested it will take time to produce legislation. "The process is a long one. It takes hearings, it takes fact finding," said Dingell in a telephone interview.
On the Senate side, Bingaman probably will avoid writing a single broad energy bill, preferring to push through specific legislation. Among Bingaman's other goals are new incentives to spur renewable energy development and more tax breaks for conservation.
Last spring, Sen. Charles Schumer, D-N.Y., said if the country is to reduce its addiction to oil and high energy prices it needs a "crash program" to develop more alternative energy sources, dramatically increase conservation and examine "whether or not we should break up the big oil companies."
Next year, Schumer assumes the No. 3 leadership position among Senate Democrats and will be one of the party's top strategists.
? 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
"I would assume oil companies are anticipating what may come--you haven't seen high gas YET.
Make sure you read which breaks they are against."
Hmmmm I thought before the Dems won you were saying it was the market that dictated the price.
Make sure you read which breaks they are against."
Hmmmm I thought before the Dems won you were saying it was the market that dictated the price.
It is the market Steve--and companies will make x amount of profit regardless --same as minimum wage--if forced to raise pay you got 3 choices to keep bottom line the same --pass on cost to consumers--cut other benefits--or cut # of employees or to put it in economic terms: inflation-reduced healthcare--unemployment.
Something some people will never understand companies create jobs--if companies are successful you get trickle down effect in economy--and the reverse is also true--especially in this day--they can always take their business to countries that are employer friendly--while no one ever likes to get old--I'll have to say glad I'm glad I had opportunity to make hay while the sun was shining--you youngsters will have tough hill to climb.
Your biggest hurdle we reduced the age old80/20 rule to 66/33 in just past 15 years and its going to get much worse.
Something some people will never understand companies create jobs--if companies are successful you get trickle down effect in economy--and the reverse is also true--especially in this day--they can always take their business to countries that are employer friendly--while no one ever likes to get old--I'll have to say glad I'm glad I had opportunity to make hay while the sun was shining--you youngsters will have tough hill to climb.
Your biggest hurdle we reduced the age old80/20 rule to 66/33 in just past 15 years and its going to get much worse.
CAMARILLO, Calif. (CNN) -- Gasoline prices at U.S. pumps rose an average of a nickel a gallon over the last two weeks, ending three months of falling prices, according to a national survey released Sunday.
The Nov. 17 Lundberg Survey of about 5,000 gas stations across the country showed the average price of a gallon of self-serve regular gas was $2.23, a penny lower than the same week a year ago, publisher Trilby Lundberg told CNN.
Gas prices had fallen 84 cents in the previous 12 weeks, Lundberg said. The previous survey, taken on Nov. 3, showed the average at $2.18, she said.
Lundberg said the halt in price declines showed "a mini-glut" of crude oil that began accumulating in August with the end of the summer driving season has been "soaked up," leading to "a normalization" of supply and demand.
Oil's price collapse, more or less
"Crude oil prices and gasoline supply are in favor of gas price stability for now," Lundberg said.
She added that she expects little pump price changes in the near term, unless the mild weather turns severe, causing a spike in heating oil prices. That spike would also increase all petroleum prices, Lundberg said.
Another factor that could cause gas prices to rise in coming months would be a strong adherence by OPEC countries to their pledge to cut world crude oil production by 1.2 million barrels a day or another decision to reduce production when OPEC meets again next month, Lundberg said.
U.S. energy watchdog sees smaller OPEC cut
Average gasoline prices hit a record high of $3.03 a gallon in Lundberg's August 11, 2006 survey but began a 12-week, 84-cent decline that ended with the Nov. 3 poll.
Drivers filling up for Thanksgiving holiday road trips a year ago paid an average $2.24, according to the Nov. 18, 2005 Lundberg Survey, a penny more than this year.
The most expensive gas is in Honolulu, where drivers pay an average $2.75 a gallon, while Houston enjoys the cheapest gas at an average $2.05 a gallon, Lundberg said.
......................................................
She added that she expects little pump price changes in the near term, unless the mild weather turns severe, causing a spike in heating oil prices
This is a good example of what bullshit games they play with us about gas price increases.
So all you have to do is have a bad storm somewhere and everyone goes, oh that severe weather is here, no wonder they are raising prices across the board. What fawkin sheep we are.
Elections are done, gas goes up. We are not stupid. They just treat us that way and we accept it.
The Nov. 17 Lundberg Survey of about 5,000 gas stations across the country showed the average price of a gallon of self-serve regular gas was $2.23, a penny lower than the same week a year ago, publisher Trilby Lundberg told CNN.
Gas prices had fallen 84 cents in the previous 12 weeks, Lundberg said. The previous survey, taken on Nov. 3, showed the average at $2.18, she said.
Lundberg said the halt in price declines showed "a mini-glut" of crude oil that began accumulating in August with the end of the summer driving season has been "soaked up," leading to "a normalization" of supply and demand.
Oil's price collapse, more or less
"Crude oil prices and gasoline supply are in favor of gas price stability for now," Lundberg said.
She added that she expects little pump price changes in the near term, unless the mild weather turns severe, causing a spike in heating oil prices. That spike would also increase all petroleum prices, Lundberg said.
Another factor that could cause gas prices to rise in coming months would be a strong adherence by OPEC countries to their pledge to cut world crude oil production by 1.2 million barrels a day or another decision to reduce production when OPEC meets again next month, Lundberg said.
U.S. energy watchdog sees smaller OPEC cut
Average gasoline prices hit a record high of $3.03 a gallon in Lundberg's August 11, 2006 survey but began a 12-week, 84-cent decline that ended with the Nov. 3 poll.
Drivers filling up for Thanksgiving holiday road trips a year ago paid an average $2.24, according to the Nov. 18, 2005 Lundberg Survey, a penny more than this year.
The most expensive gas is in Honolulu, where drivers pay an average $2.75 a gallon, while Houston enjoys the cheapest gas at an average $2.05 a gallon, Lundberg said.
......................................................
She added that she expects little pump price changes in the near term, unless the mild weather turns severe, causing a spike in heating oil prices
This is a good example of what bullshit games they play with us about gas price increases.
So all you have to do is have a bad storm somewhere and everyone goes, oh that severe weather is here, no wonder they are raising prices across the board. What fawkin sheep we are.
Elections are done, gas goes up. We are not stupid. They just treat us that way and we accept it.
Well, someone has to ask. It may as well be me. Dogs, what does the price of gas have to do with the trickle down effect and minimum wage?:shrug:
All I know is that the price of a barrel of oil fell again last week and gas prices rose. A complete contradiction to what we were hearing until mid-August when the prices started to fall.
All I know is that the price of a barrel of oil fell again last week and gas prices rose. A complete contradiction to what we were hearing until mid-August when the prices started to fall.
So are you saying that the oil companies will make the same amount of profits regardless if they receive huge tax breaks without having to actually do anything with those benefits? Are you saying that these oil companies would have made the same profits without the tax breaks they were asked to help create by the Vice President? In the White House, no less?
Interesting take on market finance, dude.
Not saying "same" profits Chad --but for companies to survive thay have to make a profit--which in most cases is passing it on to consumer.
Oil exploration has been given significant tax breaks dating back to the 70's--liberals try to act like this is (in your inference) created by Cheney or this admin.
In the the 70's they gave you a tax credit not just tax deduction for exploration--several tax shelters were derived from these and later most loop holes were closed.
Oil exploration has been given significant tax breaks dating back to the 70's--liberals try to act like this is (in your inference) created by Cheney or this admin.
In the the 70's they gave you a tax credit not just tax deduction for exploration--several tax shelters were derived from these and later most loop holes were closed.
I agree companies have to make a profit, just was clearing up your reference. It looks like thanks in large part to CHENEY's tax benefits to the oil companies (not the 70's deflection ones) that the oil companies are surviving pretty well these days.
Good thing they are looking out for all of us, considering what we did for them.
I know, I know...just shut up and take it like a man, and invest in them so I can make some of my money back. I get it.
Good thing they are looking out for all of us, considering what we did for them.
I know, I know...just shut up and take it like a man, and invest in them so I can make some of my money back. I get it.
There are lots of things that irk me about the oil companies too--the biggest being corporate pay for executives.
--however there are areas that warrent tax breaks mainly because of cost of research and development. Two that come to mind --oil and drug companies.
The bottom line of corporations is to provide profits to their stockholders--one way is raising price for consumers and 2nd is cutting back on research and develope and I don't particularily like either.
While oil companies had biggest profits in history this past year--a lot of that profit when back in till for R&D per very structure of tax breaks.
--however there are areas that warrent tax breaks mainly because of cost of research and development. Two that come to mind --oil and drug companies.
The bottom line of corporations is to provide profits to their stockholders--one way is raising price for consumers and 2nd is cutting back on research and develope and I don't particularily like either.
While oil companies had biggest profits in history this past year--a lot of that profit when back in till for R&D per very structure of tax breaks.
Dogs I'm not sure how much total there doing RD. They better get thinking alternatives. But something does smell since election. Gas on spot market been down with a little jump today. And barrel oil down. Stock on hand high. Some times it's just to easy to see there sticking us alittle extra.
Maybe Pelosi and Reid can tell us that if we give them a democratic president they will go after the oil companies. then she gets her wish and she says "we won't be going after the oil companie3s on my watch.":shrug:
